News

The Canadian Sustainability Standards Board (CSSB) announced the release of new proposed standards for companies to report sustainability and climate-related information, based on the recently released sustainability disclosure standards by the IFRS Foundation’s International Sustainability Standards Board (ISSB).

The release of the new standards may form a significant step towards the introduction of mandatory climate-related reporting requirements for Canadian companies.

The ISSB was launched in November 2021 at the COP26 climate conference, with the goal to develop IFRS Sustainability Disclosure Standards, driven by demand from investors, companies, governments and regulators to provide a global baseline of disclosure requirements enabling a consistent understanding of the effect of sustainability risks and opportunities on companies’ prospects.

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Coca-Cola Launches 100% Recycled Plastic Bottles in Canada

The Coca-Cola Company announced today the launch of 100% recycled plastic bottles in Canada, with all 500 ml sparkling beverage bottles – including flagship brands Coca-Cola, Sprite and Fanta – in the country using 100% recycled plastic, excluding caps and labels, by early 2024.

According to the company, the move will save 7.6 million pounds of new plastic in 2024, and reduce CO2 emissions by nearly 7,000 metric tons annually.

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“A net-zero grid will serve as the basis for climate actions across the economy"

The Government of Canada released its proposed Clean Electricity Regulations, aimed at advancing the decarbonization of the country’s electricity grid, and supporting its net zero emission climate goals.

Canada also joined a commitment last year with the U.S. to release clean energy regulations in 2023. Earlier this year, the Biden administration released a set of proposals aimed at reducing U.S. power sector emissions, including putting in place CO2 emissions controls at fossil fuel-fired power plants starting in 2030.

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Government of Canada Announcement

The Government of Canada announced on Monday a series of initiatives aimed at reducing government support for the fossil fuel sector, including the release of a new framework and guidelines, effective immediately, to eliminate “inefficient” fossil fuel subsidies.

The government also announced that it will work to identify current public financing by 2024, and develop an implementation plan by fall 2024 to phase out public financing of the fossil fuel sector, beyond the scope of the new subsidy elimination commitment.

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The Government of Canada announced an investment of C$350 million to support the newly launched Initiative for Sustainable Aviation Technology (INSAT), aimed at supporting research and development into sustainable aviation technologies, and accelerating the aerospace industry’s green transformation.

According to a government statement, the new INSAT investment will aim to establish a pan-Canadian, industry-led network, focused on funding R&D projects. The projects will target four key technology areas, including hybrid and alternative propulsion, aircraft architecture and systems integration, the transition to alternative fuels, and aircraft support infrastructure and operations.

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L’Oréal Announcement

Beauty company L’Oréal announced the introduction of its Product Impact Labeling system in Canada, providing consumers with information on the environmental and social impact of its products.

According to the company, its Garnier, La Roche-Posay and Biotherm brands will be the first to launch the Product Impact Labelling System in Canada, with the information available on their websites starting this month, and gradually displayed on the products through a QR code, and plans to roll out the system progressively across the L’Oréal Canada brands.

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Canada unveiled its response to the emerging global race to scale up green energy and clean tech manufacturing capacity, with proposals for over $60 billion in tax credits and an additional $20 billion in sustainable infrastructure investments in its 2023 budget.

While the budget acknowledges the opportunities created for Canada by the Inflation Reduction Act, arising from “the accelerated pace of technological development, and from new opportunities in North American supply chains for clean energy and technologies,” the budget also points out the need for Canada to respond in order to remain competitive in the global transition, noting that:

“(W)ithout swift action, the sheer scale of U.S. incentives will undermine Canada’s ability to attract the investments needed to establish Canada as a leader in the growing and highly competitive global clean economy.

“If Canada does not keep pace, we will be left behind.”

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OSFI Announcement

Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), announced the release of its new guidelines on climate risk management, setting out requirements for banks and insurance companies to manage and disclose climate-related risks.

The new climate-related reporting requirements for Canadian financial institutions cover disclosure categories including governance, strategy, risk management, and metrics & targets. They also include reporting of Scope 1, 2 and 3 greenhouse gas emissions, including financed, facilitated and insured emissions, as well as the targets used to manage climate-related risks and opportunities, and public commitments made as part of a Net Zero alliance, such as the Net-Zero Banking Alliance (NZBA), or the Net-Zero Insurance Alliance (NZIA).

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2023 Canadian ESG Reporting Insights from PwC Canada

PwC Canada reports over 70 per cent of the country’s 250 largest public companies do not obtain external assurance for their environmental, social and governance (ESG) reports, nor do they disclose climate-related financial information.

In conclusion, it finds they are making slow progress on corporate sustainability reporting.

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